$1.53 Billion Transaction Will Advance Redevelopment of Iconic Property in the Heart of Times Square

Maefield Development today announced the closing of the acquisition of 701 Seventh Avenue/20 Times Square from Winthrop Realty. The $1.53 billion recapitalization is part of the ongoing development of the 400,000-square-foot global destination project in the heart of the most populous part of Times Square.

The redevelopment features an approximately 120,000-square-foot destination retail, attraction and entertainment spaces including a 6,000-square-foot outdoor terrace that will provide the largest outdoor event space overlooking Times Square. Retailers and global brands alike will be able to take advantage of a 18,000-square-foot, interactive, HDLED screen which is the highest resolution single HDLED screen in Times Square. The project tops off with a 452-room Marriott-Edition luxury hotel tower located directly above the terrace level with stunning views of Times Square. The project’s long term tenants include the NFL and Hersheys; and the Edition hotel is managed by the globe’s leading hospitality operating platform, Marriott.

Statement from Maefield Development: “At the epicenter of culture and commerce, 20 Times Square represents the results of our decade long commitment to the global destination that is Times Square. It offers tremendous opportunity for leading brands to connect with more than one hundred million people who pass through Times Square every year. The projects gives Maefield and its extraordinary partners an unprecedented opportunity to enhance the experience of visitors, residents, and workers alike.”

About Maefield Development

Maefield Development is a privately owned real estate company formed in 1991.

Maefield’s real estate principals combine over 100 years of development experience, with deep in-house expertise in land assemblage, entitlement, design, and construction management. Over the last 25 years, they have established a strong track record, having successfully acquired, entitled, and developed over 5 million square feet of commercial space and nearly 5,000 single and multi-family residences.